Shopify (SHOP) stock dropped 4% to $147.24 in Monday midday trading, following an 18% rally over the past month. The decline is attributed to profit taking rather than any specific company news or downgrade. Peers eBay (EBAY) and Etsy (ETSY) also slipped 2% each, but their lower valuations (eBay 21.51x P/E, Etsy 26.45x P/E) made them less susceptible to the same profit-taking pressure compared to Shopify's 151.48x P/E. Shopify's Q2 2026 report on August 5 showed strong fundamentals, with B2B gross merchandise volume (GMV) growing 76% year-over-year, contributing to its recent gains.